I'm a physician. I think I can identify with what I see in your question as an envious case of "grass is greener" from a career perspective, mixed with a love of learning, intrigue about anatomy/physiology, and the desire to switch things up. I also know several other physicians who have done a similar thing as you, pursuing medicine as a mid-career change. I started in general surgery, changed to emergency medicine, specialized in interventional pain, and now own a private practice in the rural Midwest, and my own route was fueled by much of the above statement. One of my medical school classmates was 40, had 5 kids with the oldest in high school, a prior career in construction management and did exactly what you're planning. Only you can determine if it's worth it for you, but please have a very clear idea of what you're getting in to before you change.
For your first question: how to pay for medical school? Even though you can pay cash for it, I'd still go for loans or military. Don't pay for it yourself if you don't have to. Currently, you can still get loans forgiven through Public Service Loan Forgiveness if you work for a 501c(3) corporation after medical school and make minimum payments for 10 years. Payments are calculated as 10% of discretionary income, which is a percentage of poverty level adjusted by family. While you're in residency (assuming it's a university or a non-profit hospital) your time there will count toward PSLF, and then you would need to find a nonprofit to work for to finish your payments and have it wiped clean. There are a lot of resources for planning this, and I would encourage you to look into it.
The other option would be to allow for the military to pay for school. Yes, this comes with its own cost as well in working for the government at a lower pay than what you could make in private practice but given the time value of your current nest egg, you're sure to lose out on much more on that if you pay for school yourself.
Now for the biggest question: should you do it? Only you can determine if it's worth it for you. Statistically as a nontraditional applicant you're more likely to get into an osteopathic school, which is more expensive than your typical MD in-state school. You then need to compete and apply for residency through the match, which is an insane, stupid process of endless applications, interviews, and flights and hotels. Hopefully you match to your specialty of choice but not everyone does; sometimes students have to settle for an entirely different specialty. More competitive specialties (read - more lucrative specialties) are harder to get in to. In residency you work 80 hours per week for 3 to 5 years depending on specialty, are on call frequently, and don't have a normal sleep schedule. Sleep is still something that eludes many physicians and dealing with call schedules is the bane of every physician's existence.
If there is another way to satisfy your intellectual curiosity and stay in your current position, I would highly encourage you to explore every other possible way of doing this. It would seem to me that the opportunity cost you currently face is simply too high. If not, then best of luck!
For your first question: how to pay for medical school? Even though you can pay cash for it, I'd still go for loans or military. Don't pay for it yourself if you don't have to. Currently, you can still get loans forgiven through Public Service Loan Forgiveness if you work for a 501c(3) corporation after medical school and make minimum payments for 10 years. Payments are calculated as 10% of discretionary income, which is a percentage of poverty level adjusted by family. While you're in residency (assuming it's a university or a non-profit hospital) your time there will count toward PSLF, and then you would need to find a nonprofit to work for to finish your payments and have it wiped clean. There are a lot of resources for planning this, and I would encourage you to look into it.
The other option would be to allow for the military to pay for school. Yes, this comes with its own cost as well in working for the government at a lower pay than what you could make in private practice but given the time value of your current nest egg, you're sure to lose out on much more on that if you pay for school yourself.
Now for the biggest question: should you do it? Only you can determine if it's worth it for you. Statistically as a nontraditional applicant you're more likely to get into an osteopathic school, which is more expensive than your typical MD in-state school. You then need to compete and apply for residency through the match, which is an insane, stupid process of endless applications, interviews, and flights and hotels. Hopefully you match to your specialty of choice but not everyone does; sometimes students have to settle for an entirely different specialty. More competitive specialties (read - more lucrative specialties) are harder to get in to. In residency you work 80 hours per week for 3 to 5 years depending on specialty, are on call frequently, and don't have a normal sleep schedule. Sleep is still something that eludes many physicians and dealing with call schedules is the bane of every physician's existence.
If there is another way to satisfy your intellectual curiosity and stay in your current position, I would highly encourage you to explore every other possible way of doing this. It would seem to me that the opportunity cost you currently face is simply too high. If not, then best of luck!
Statistics: Posted by redrunner — Fri Sep 27, 2024 6:44 pm — Replies 17 — Views 962
